Webster Bank provides $36M for Finance District purchase

BOSTON — Webster Bank announced recently that it has provided Boston-based Synergy Investments with $36 million in financing for the purchase of Two Oliver Street, an historic 11-story office building in Boston's Financial District.

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Posted Jan. 18, 2013 at 6:33 PM

Posted Jan. 18, 2013 at 6:33 PM

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BOSTON — Webster Bank announced recently that it has provided Boston-based Synergy Investments with $36 million in financing for the purchase of Two Oliver Street, an historic 11-story office building in Boston's Financial District.

"With this sale, Two Oliver Street has come full circle," said Claudia Piper, senior vice president, commercial real estate for Webster Bank. "In 2011, Webster provided bridge financing to the sellers, Saracen Properties, LLC and AEW Capital Management, so they could renovate this landmark building and bring it back to prominence. Eighteen months later, the dramatically improved building found a buyer in leading local real estate firm Synergy Investments, and we are very pleased that they chose to entrust Webster with their financing needs."

"Webster Bank's keen knowledge of the Boston commercial real estate market — and especially this building — made them our top choice to finance our purchase of Two Oliver Street," said David Greaney, founder and president of Synergy Investments. "Thanks in part to Webster's excellent service and attention to detail, our December 20th closing went through smoothly and without delay."

Webster also recently announced it has provided relocation funding to Terracon Corporation, a Franklin-based manufacturer. Webster's $250,000 term loan to Terracon enabled the company to move into an 18,000-square-foot facility at the end of 2012. Terracon provides fluid management solutions to businesses in industries that include biopharmaceutical, medical, and alternative energy.

"Webster Bank's financing was key to our recent move to a new office and manufacturing facility," said Rob Jewett, president of Terracon. "It enabled us to do a complete build-out and to put in place the kind of infrastructure and equipment needed to support our continued growth and expansion. The level of service that we've received from the bank and its loan officers has been extraordinary."